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n 1. an allowance or deduction made from a gross sum.
v 2. to reduce the amount of a professional fee.
References in periodicals archive ?
f] is risk-free rate, [alpha] > 0 is relative risk aversion, [beta] [member of] (0,1) is discount factor and g is rate of growth of consumption.
Similar calibration strategy is also used in Krusell and Smith (1998), Erosa and Koreshkova (2007), and Hendricks (2007) to determine the parameter values in the Markov process of the random discount factor.
Table 1 reports simulations of the minimum value of the discount factor [delta] such that collusion is sustainable for each combination of detection lag and number of firms.
For example, let us focus on the case where the discount factor is set to 0.
In the second period, individuals' perceived expected utility from a lottery L is the expected utility of the outcomes of the lottery for periods two and three, discounted with the alcohol discount factor.
Since the value of the stochastic discount factor in the peso state is the same for both strategies, the actual losses of the two strategies in the peso state must be similar.
To avoid having to calculate each discount factor, refer to any present value table that can be found online (for free) or in the back of any finance textbook.
However, we calibrate the innovations to the preference discount factor, consumption tax and monetary policy to reproduce particular targets.
i]), where [delta] [member of] (0, 1) is a common discount factor.
In particular, [beta]4 is the discount factor for change in liquid assets, i.
The second discount factor also favors the wealthy and larger corporations--Khan would allow discounts year round of large-bloc buys.
In this text, Cheng (Chinese Academy of Science, China) and Tong (London School of Economics, UK) develop a new structural theory to evaluate asset pricing models which puts the stochastic discount factor (SDF) pricing model of recent years firmly on a mathematical foundation.